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You have just sold your house for $1,000,000 in cash. Your mortgage was originally a30-year mortgage with monthly payments and an initial balance of $750,000.
You have just sold your house for $1,000,000 in cash. Your mortgage was originally a30-year mortgage with monthly payments and an initial balance of $750,000. The mortgage is currently exactly18 yearsold, and you have just made a payment. If the interest rate on the mortgage is 5.25% (APR), how much cash will you have from the sale once you pay off themortgage? (Note: Be careful not to round any intermediate steps less than six decimalplaces.)
Cash that remains after payoff of mortgage is $__ (Round to the nearest dollar)
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